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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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Phinnaeus Gage
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Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
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July 11, 2011, 10:35:34 AM |
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I thought I already saw the likings of this thread a couple days ago. If that's the case, when will a see a new "Rally" thread?
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RogerR
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July 11, 2011, 12:36:24 PM |
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Who is the guy burning the fiat money on page 5?  |
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kiba
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Activity: 980
Merit: 1014
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July 11, 2011, 12:39:22 PM |
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Who is the guy burning the fiat money on page 5? The Gavinator. |
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relmeas
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July 11, 2011, 01:09:31 PM |
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i doubt it will cause huge network hashrate growth...
1. you need gpu for mining, since cpu mining is at loss. I doubt many chinese have latest (or previous) generation of amd gpus in their computers. it's more of a luxury and chinese are not known for their high average income.
2. even if they wanted and could mine, there is no legal way to withdraw funds. correct me if i am wrong though.
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Phinnaeus Gage
Legendary
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Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
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July 11, 2011, 02:32:52 PM |
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i doubt it will cause huge network hashrate growth...
1. you need gpu for mining, since cpu mining is at loss. I doubt many chinese have latest (or previous) generation of amd gpus in their computers. it's more of a luxury and chinese are not known for their high average income.
2. even if they wanted and could mine, there is no legal way to withdraw funds. correct me if i am wrong though.
Why withdraw them when two other options are available?: save a small percentage for when the price per BTC increases; use the rest online to purchase products and services you planned on buying with fiat currency. |
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Bitcoin Swami
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July 11, 2011, 02:51:37 PM |
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i doubt it will cause huge network hashrate growth...
1. you need gpu for mining, since cpu mining is at loss. I doubt many chinese have latest (or previous) generation of amd gpus in their computers. it's more of a luxury and chinese are not known for their high average income.
2. even if they wanted and could mine, there is no legal way to withdraw funds. correct me if i am wrong though.
All my cards seem to be made in china. All you gotta do is get cousin andy at the sweatshop down the street to sneak you a couple. Or maybe the sweatshops themselves will start using the cards to mine, might be more profitable. That would be a real true sweatshop. |
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Bigpiggy01
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July 11, 2011, 03:22:44 PM |
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This is going to be really interesting to follow. Lots of peeps back home have this idea that China is technologically backward and that everyone here is poor. To those peeps remember that China has more USD millionaires than the US does around 35million by the latest estimates.
China is for sure becoming a player in the world economy and will become even more of one in the bitcoin field. Young people here comparatively speaking have LOTS more cash available to themselves than most young (18-30) peeps back home have (yes I know there are still dirt poor people in rural areas but these are a declining minority). as they have both parents and grandparents doting on them.
In many families here "Mum, can I have 20k to go buy some cards for my computer!" is probably going to be answered with "Why of course darling you got good grades on your last test!" To some extent spending cash like that (as if it were peanuts) here is a serious status symbol and some parents will go home and tell their kids to put together the most insanely expensive computer money can buy. Just to back that take in to consideration that after being taken over (or merged with if you prefer that term) by Dell, Alienware's largest growth market has been China even coming close to outdoing the US market.
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EskimoBob
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Quality Printing Services by Federal Reserve Bank
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July 11, 2011, 07:22:06 PM |
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@Krokodill_G - China gets into bitcoin, opens 2 exchanges: btcchina.com and doten.co Lets see what happens. 1. you need gpu for mining, since cpu mining is at loss. I doubt many chinese have latest (or previous) gen... Do not forget, where all those cards are made  |
While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
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kookiekrak
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July 11, 2011, 07:23:58 PM |
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CHINA'S BOTNET: college kids getting paid cents every hour to calculate hashes by hand.
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julz
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Activity: 1092
Merit: 1001
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July 11, 2011, 07:44:01 PM |
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@Krokodill_G - China gets into bitcoin, opens 2 exchanges: btcchina.com and doten.co Lets see what happens. 1. you need gpu for mining, since cpu mining is at loss. I doubt many chinese have latest (or previous) gen... Do not forget, where all those cards are made Yeah.. last time I skyped with someone in China, he was living in a room that was little more than a shack - but had modern hardware he purchased at a fraction of the price it costs here in Australia. Cheap beer there too apparently. I think I might like it there! |
@electricwings BM-GtyD5exuDJ2kvEbr41XchkC8x9hPxdFd
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